Decentralized finance (DeFi) protocols collectively locked in $237 billion in total value during Q3 2025, marking a historic peak, according to new data from DappRadar. Despite the surge in liquidity, daily active wallets across decentralized applications (DApps) declined 22%, signaling a gap between institutional inflows and retail engagement.
Daily unique active wallets averaged 18.7 million in Q3, down from 24 million in Q2. SocialFi and AI-focused DApps experienced the sharpest losses, with SocialFi wallets dropping from 3.8 million to 1.5 million and AI wallets falling from 4.8 million to 3.1 million. The decline reflects reduced engagement from casual users, smaller projects struggling to retain attention, and the shift of some activity toward newer blockchain ecosystems.
DappRadar highlighted that stablecoins and new infrastructure for tokenized real-world assets fueled the record DeFi TVL, alongside growing interest from institutional investors seeking regulated crypto exposure.
Source: DappRadar: https://dappradar.com/blog/state-of-the-dapp-industry-q3-2025
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